阿里巴巴 (BABA) 2021 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Good day, ladies and gentlemen. Thank you for standing by. Welcome to Alibaba Group's March Quarter 2021 and Full Fiscal Year 2021 Results Conference Call. (Operator Instructions)

    女士們,先生們,美好的一天。謝謝你的支持。歡迎參加阿里巴巴集團 2021 年 3 月季度和 2021 財年全年業績電話會議。 (操作員說明)

  • Now I'd like to turn the call over to Rob Lin, Head of Investor Relations of Alibaba Group. Please go ahead.

    現在我想把電話轉給阿里巴巴集團投資者關係負責人 Rob Lin。請繼續。

  • Robert Lin - IR

    Robert Lin - IR

  • Good day and good evening, everyone, and welcome to Alibaba Group's March Quarter 2021 and Full Fiscal Year 2021 Results Conference Call. With us today are Daniel Zhang, our Chairman and CEO; Joe Tsai, Executive Vice Chairman; Maggie Wu, Chief Financial Officer.

    大家好,大家好,歡迎參加阿里巴巴集團 2021 年 3 月季度和 2021 財年全年業績電話會議。今天和我們在一起的是我們的董事長兼首席執行官張勇;執行副主席蔡崇信; Maggie Wu,首席財務官。

  • This call is also being webcast from the IR section of our corporate website. A replay of the call will be available on our website later today.

    此次電話會議也從我們公司網站的 IR 部分進行網絡直播。今天晚些時候將在我們的網站上重播電話會議。

  • Let me cover the safe harbor. Today's discussion may contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties that may cause actual results to differ materially from our current expectations. For detailed discussions of these risks and uncertainties, please refer to our latest annual report on Form 20-F and other documents filed with the U.S. SEC or announced on the website of Hong Kong Stock Exchange. Any forward-looking statements that we make on this call are based on our assumption as of today, and we do not undertake any obligation to update these statements, except as required under applicable law.

    讓我掩護避風港。今天的討論可能包含前瞻性陳述。前瞻性陳述涉及固有風險和不確定性,可能導致實際結果與我們當前的預期存在重大差異。有關這些風險和不確定性的詳細討論,請參閱我們向美國證券交易委員會提交或在香港聯交所網站上公佈的表格 20-F 和其他文件的最新年度報告。我們在本次電話會議上所做的任何前瞻性陳述均基於我們截至今天的假設,除適用法律要求外,我們不承擔更新這些陳述的任何義務。

  • Please note that certain financial measures as we use on this call, such as adjusted EBITDA, adjusted EBITDA margin, adjusted EBITA, adjusted EBITA margin, marketplace-based core commerce adjusted EBITA, non-GAAP net income, non-GAAP diluted earnings per share or ADS and free cash flow are expressed on a non-GAAP basis. Our GAAP results and reconciliation of non-GAAP to GAAP measures can be found in our earnings press release.

    請注意,我們在本次電話會議上使用的某些財務指標,例如調整後 EBITDA、調整後 EBITDA 利潤率、調整後 EBITA、調整後 EBITA 利潤率、基於市場的核心商業調整後 EBITA、非公認會計原則淨收入、非公認會計原則攤薄每股收益或 ADS 和自由現金流以非公認會計原則為基礎表示。我們的 GAAP 結果以及非 GAAP 與 GAAP 措施的對賬可以在我們的收益新聞稿中找到。

  • Unless otherwise stated, growth rate of all the stated metrics mentioned during this call refers to year-over-year growth versus the same quarter or same period last year.

    除非另有說明,本次電話會議中提到的所有指標的增長率均指與去年同期或同期相比的同比增長率。

  • In addition, during the call today, management will give their prepared remarks in English. A third-party translator will provide simultaneous translation in Chinese on another conference line. Please refer to our press release for details.

    此外,在今天的電話會議中,管理層將用英語發表他們準備好的講話。第三方翻譯將在另一條會議線路上提供中文同聲傳譯。詳情請參閱我們的新聞稿。

  • During the Q&A session, we will take questions in both English and Chinese, and third-party translator will provide consecutive translation. All translations are for convenience purpose only. In the case of any discrepancy, management's statement in the original language will prevail.

    問答環節,我們將採用中英雙語提問,第三方翻譯提供連續翻譯。所有翻譯僅為方便起見。如有任何差異,以管理層以原文發表的聲明為準。

  • With that, I will turn the call now to Daniel.

    有了這個,我現在把電話轉給丹尼爾。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Thank you, Rob. Hello, everyone. Thank you for joining our earnings call today.

    謝謝你,羅布。大家好。感謝您今天參加我們的財報電話會議。

  • We delivered another solid quarter, making the strong finish to this eventful fiscal year. China started this past year with the national battle against the COVID-19 outbreak and ended the year as the first country in the world to effectively control the pandemic and return to normal life. Based on [IMS] estimates, China was the only major economy that achieved positive real GDP growth in 2020.

    我們又交付了一個穩健的季度,為這個多事的財年畫上了圓滿的句號。過去的一年,中國從全國抗擊 COVID-19 疫情開始,到年底成為世界上第一個有效控制疫情並恢復正常生活的國家。根據 [IMS] 估計,中國是 2020 年唯一實現實際 GDP 正增長的主要經濟體。

  • According to the National Bureau of Statistics, China recorded retail sales of RMB 42 trillion during the 12 months ended March 31, 2021, and the GDP growth in the quarter ended March 2021 reached 18.3% year-over-year. Against the backdrop of this macroeconomic recovery and accelerated digitalization in China, Alibaba Group achieved healthy growth across all businesses.

    根據國家統計局的數據,截至 2021 年 3 月 31 日的 12 個月,中國實現零售額 42 萬億元人民幣,截至 2021 年 3 月的季度 GDP 同比增長 18.3%。在中國宏觀經濟復甦和數字化加速的背景下,阿里巴巴集團各項業務均實現了健康增長。

  • During the past fiscal year, we made significant progress in our 3 key strategies, namely domestic consumption, globalization and cloud computing.

    上一財年,我們在國內消費、全球化和雲計算三大戰略上取得重大進展。

  • Such progress demonstrated the tremendous power of Alibaba's digital commerce infrastructure as well as our long-term commitment to invest for the future and to create value for our consumers, merchants and partners through innovations.

    這樣的進步展示了阿里巴巴數字商務基礎設施的巨大力量,以及我們長期致力於投資未來並通過創新為我們的消費者、商家和合作夥伴創造價值的承諾。

  • For our consumer-facing businesses, Alibaba Ecosystem recorded RMB 8.1 trillion in GMV or USD 1.2 trillion during the fiscal year, a net increase of over RMB 1 trillion year-over-year. Annual active consumers for our ecosystem reached a historical milestone of over 1 billion with a net increase of 117 million year-over-year. Our annual active consumers outside of China increased by 60 million to over 240 million as of March 2021, which reflects the progress of our globalization strategy, benefiting from the increasing demand for digitization across industries. Alibaba Cloud's revenue exceeded RMB 60 billion for this -- for past fiscal year, representing a year-over-year growth of 50% as it continued to strengthen its market leadership in China and Asia Pacific.

    對於面向消費者的業務,阿里巴巴生態系統在本財年錄得 8.1 萬億元人民幣的 GMV 或 1.2 萬億美元,同比淨增長超過 1 萬億元人民幣。我們生態系統的年度活躍消費者達到了超過 10 億的歷史里程碑,同比淨增長 1.17 億。截至 2021 年 3 月,我們在中國以外的年度活躍消費者增加了 6000 萬至超過 2.4 億,這反映了我們全球化戰略的進展,受益於各行業對數字化的需求不斷增長。阿里雲上一財年收入超過 600 億元人民幣,同比增長 50%,繼續鞏固其在中國和亞太地區的市場領導地位。

  • During the past fiscal year, we have gone through all kinds of challenges, including the COVID-19 pandemic, fierce competitions as well as the anti-monopoly investigation and penalty decision by Chinese regulators.

    在過去的一個財政年度,我們經歷了各種挑戰,包括 COVID-19 大流行、激烈的競爭以及中國監管機構的反壟斷調查和處罰決定。

  • We believe the best way to overcome this challenge is look forward and invest for the long run -- for the long-term to create value for our customers through technology and innovation and to solve major problems in society. Therefore, we plan to invest all of our incremental profits in this coming year into core strategic areas such as technology innovation, support programs for merchants to lower their operating costs, user acquisition and experience enhancements, merchandising and supply chain capabilities, infrastructure development and new business initiatives.

    我們相信,克服這一挑戰的最佳方式是展望未來並長期投資——長期通過技術和創新為客戶創造價值,解決社會重大問題。因此,我們計劃在來年將所有增量利潤投資於核心戰略領域,例如技術創新、支持商戶降低運營成本的計劃、用戶獲取和體驗增強、銷售和供應鏈能力、基礎設施開發和新商業舉措。

  • Considering that our incremental profits are expected to be significant, our investments will be highly targeted and disciplined. They will be designed to enlarge our total addressable market, differentiate consumer and merchant value proposition from our competitors and generate greater consumer engagement and purchase frequency. We will establish key metrics to measure the effectiveness of these investments, which we believe will generate significant results in the long term.

    考慮到我們的增量利潤預計將是可觀的,我們的投資將具有高度針對性和紀律性。它們將旨在擴大我們的總目標市場,將消費者和商家的價值主張與我們的競爭對手區分開來,並提高消費者的參與度和購買頻率。我們將建立關鍵指標來衡量這些投資的有效性,我們相信這將在長期內產生顯著的成果。

  • Our annual active consumers in China reached 880 -- 891 million by the end of March. We hope to grow this customer base in China by over 100 million in the coming fiscal year to reach over 1 billion.

    截至 3 月底,我們在中國的年度活躍消費者達到 880 - 8.91 億。我們希望在下一財年將中國的這一客戶群增長超過 1 億,達到 10 億以上。

  • Annual active consumers for our China retail marketplaces were 811 million by the end of March, representing a net increase of 85 million year-over-year. These consumers spent an average of CNY 9,200 annually per person on our platforms. We believe this is the largest and best-quality consumer base in China. We will continue to serve the demands of consumers to get diversified lifestyle based on their segmented preferences.

    截至 3 月底,我們中國零售市場的年度活躍消費者為 8.11 億,同比淨增長 8500 萬。這些消費者在我們的平台上平均每人每年花費 9,200 元人民幣。我們相信這是中國最大、最優質的消費群體。我們將繼續服務消費者的需求,根據他們的細分偏好獲得多樣化的生活方式。

  • As the largest digital consumption marketplace in China, Taobao App will continue to strengthen its comprehensive supply of branded products, value-for-money products, agricultural products, imported products and differentiated long-tail products to meet the diversified demands of our consumers.

    作為中國最大的數字消費市場,淘寶App將繼續加強品牌產品、超值產品、農產品、進口產品和差異化長尾產品的綜合供給,以滿足消費者的多樣化需求。

  • In underpenetrated categories, such as groceries, real estate, home furnishings and pharmaceuticals, we will redefine the consumer journey and digitalize the experience for the sector to enhance its online and New Retail penetration. We will also work on improving the overall consumer experience and engagement in Taobao App by offering diversified consumer journeys based on different user segments -- based on different user segmentation and intent. At the same time, we are improving the tools and enabling capability for merchants to enhance their customer engagement and reviewing our platform policies to lower their operating costs.

    在雜貨、房地產、家居用品和藥品等滲透率較低的品類中,我們將重新定義消費者旅程,並將該行業的體驗數字化,以提高其在線和新零售的滲透率。我們還將致力於改善淘寶 App 的整體消費者體驗和參與度,提供基於不同用戶細分的多樣化消費者旅程——基於不同的用戶細分和意圖。與此同時,我們正在改進商戶的工具和賦能能力,以提高他們的客戶參與度,並審查我們的平台政策以降低他們的運營成本。

  • As part of our China retail marketplaces, Taobao Deals has grown rapidly over the past year, reaching over 150 million annual active consumers. As an indication of the activeness of our app users, monthly active users of Taobao Deals reached 130 million in March, a net increase of 27 million from December. Taobao Deals offers the best value-for-money products for price-conscious consumers. It features single-product design and a direct-to-consumer supply from farms and manufacturers.

    作為我們中國零售市場的一部分,淘寶特賣在過去一年發展迅速,年活躍消費者超過 1.5 億。從APP用戶活躍度來看,3月份淘寶Deal的月活躍用戶達到1.3億,比12月淨增2700萬。淘寶特賣為註重價格的消費者提供最物有所值的產品。它具有單一產品設計和來自農場和製造商的直接面向消費者的供應。

  • The rapid growth of Taobao Deals contributed positively to our China retail marketplaces. During the past fiscal year, average spending of consumers who purchased on Taobao Deals increased more than the average spending of China retail marketplaces consumers. We will further increase our investment in Taobao Deals in the new fiscal year to serve more price-conscious consumers in less developed areas.

    淘寶交易的快速增長為我們的中國零售市場做出了積極貢獻。上一財年,在淘寶網上購物的消費者的平均消費增幅超過了中國零售市場消費者的平均消費。新財年我們將進一步加大對淘寶特賣的投入,為欠發達地區更多注重價格的消費者提供服務。

  • Next, I would like to talk about New Retail, which includes the Community Marketplaces model that has attracted a lot of attention lately.

    接下來,我想談談新零售,其中包括最近引起很多關注的社區市場模式。

  • Alibaba introduced our New Retail strategies in 2016, and we have executed our strategy based on multiple business models to serve the various demands of consumers. For groceries, fresh produce and FMCG products, we transformed off-line retailers such as Sun Art, through digitalizing their operations and created New Retail formats, such as Freshippo, that integrate online/offline experience. The combination of these New Retail formats satisfy consumer demands not only in-store but also in nearby communities by offering comprehensive delivery options from 1 hour, half a day, same day and next day.

    阿里巴巴在2016年推出了新零售戰略,我們基於多種商業模式執行了我們的戰略,服務於消費者的各種需求。在雜貨、生鮮和快消品方面,我們通過數字化運營對高鑫零售等線下零售商進行轉型,打造盒馬鮮生等線上線下融合體驗的新零售業態。這些新零售業態的結合通過提供1小時、半天、當天和次日的綜合配送選擇,不僅滿足了店內消費者的需求,還滿足了附近社區的消費者需求。

  • As part of our latest exploration in New Retail, we started the Community Marketplaces business in selected regions in China. Our Community Marketplaces is supported by the supply chain capabilities of Freshippo, Sun Art and other partners. In addition to 1-hour, half-day, same-day and the next-day delivery options mentioned above, we now offer community consumers with the option of order today and pick up tomorrow.

    作為我們對新零售的最新探索的一部分,我們在中國選定的地區開始了社區市場業務。我們的社區市場得到盒馬、高鑫和其他合作夥伴的供應鏈能力的支持。除了上面提到的1小時、半天、當天和次日送達選項外,我們現在為社區消費者提供今天下單明天取貨的選擇。

  • We believe New Retail is a multiple -- we believe a new -- we believe New Retail is a multi-format consumer infrastructure of which the Community Marketplaces model is one of the essential ways to serve price-conscious consumers. This model can help us acquire new customers in low-tier cities and rural areas and further increase our users' consumption frequency and stickiness.

    我們相信新零售是一個多元化的——我們相信一個新的——我們相信新零售是一個多格式的消費者基礎設施,其中社區市場模式是服務於價格敏感的消費者的重要方式之一。這種模式可以幫助我們在低線城市和農村地區獲得新客戶,進一步提高用戶的消費頻率和粘性。

  • We believe the key to unlocking the full value of the Community Marketplaces model is not only about the standard loan P&L of the business but also about the overall efficiency and servicing capability of the entire commerce platform where the business sits. And we believe the latter can generate far greater value than the former.

    我們認為,釋放社區市場模式全部價值的關鍵不僅在於業務的標準貸款損益,還在於業務所在的整個商業平台的整體效率和服務能力。我們相信後者可以產生比前者更大的價值。

  • Alibaba has the most sophisticated and efficient commerce infrastructure in China with the most comprehensive product and service offerings to serve consumers of diversified segmentation and demands. Accordingly, we believe we will be able to create and capture the highest consumer lifetime value through investments into the Community Marketplaces business. We will grow this business, leveraging Alibaba Ecosystem's full core capabilities, including merchandising and supply chain capabilities, logistics and fulfillment infrastructure, consumer engagement capabilities and the distribution channel development and management capabilities.

    阿里巴巴擁有中國最完善、最高效的商業基礎設施,提供最全面的產品和服務,服務於多樣化細分和需求的消費者。因此,我們相信通過投資社區市場業務,我們將能夠創造和獲取最高的消費者終身價值。我們將利用阿里巴巴生態系統的全部核心能力來發展這項業務,包括銷售和供應鏈能力、物流和履行基礎設施、消費者參與能力以及分銷渠道開發和管理能力。

  • While we are still in the early stage of business expansion, our goal for the new fiscal year is to expand our geographic coverage nationwide and define a healthy and sustainable Community Marketplaces business model.

    雖然我們仍處於業務擴張的早期階段,但我們新財年的目標是擴大我們在全國的地理覆蓋範圍,並定義一個健康和可持續的社區市場商業模式。

  • Cainiao Network has delivered solid revenue growth during the fiscal year. Revenue from external customers outside of Alibaba Group grew 68% year-over-year and contribute to over 70% of Cainiao Network's total revenues. Cainiao also reached an important milestone of generating positive operating cash flow during the year.

    菜鳥網絡在本財年實現了穩健的收入增長。來自阿里巴巴集團以外的外部客戶的收入同比增長 68%,佔菜鳥網絡總收入的 70% 以上。菜鳥在年內也達到了產生正經營現金流的重要里程碑。

  • We believe Cainiao's continuous growth will be driven by 3 important engines: number one, first-mile business based on Cainiao Post and Cainiao Guoguo; second, fulfillment service from factory to consumers; and third, cross-border supply chain services for importing and exporting merchants.

    我們認為菜鳥的持續增長將由三個重要引擎驅動:第一,基於菜鳥郵政和菜鳥果果的第一英里業務;第二,從工廠到消費者的履行服務;三是為進出口商戶提供跨境供應鏈服務。

  • Building on top of the significant improvement in operating efficiency in the new fiscal -- or in the last fiscal -- or in the last few quarters, Ele.me invested in user acquisition and the logistics capacity during the Chinese New Year period, where many residents were encouraged by the local government to stay in the same city they work and avoid long-distance travel due to the pandemic. As a result, Ele.me's annual active consumer grew strongly at close to 20% year-over-year during the fiscal year when user experience improved.

    在新一財年或上一財年或最近幾個季度運營效率顯著提升的基礎上,餓了麼在春節期間投資了用戶獲取和物流能力,其中許多當地政府鼓勵居民留在他們工作的同一個城市,避免因大流行而長途旅行。因此,在用戶體驗改善的財年,餓了麼的年度活躍消費者同比增長接近 20%。

  • Looking forward, we will continue to invest in Ele.me consumers' mind share as the entry point for local service through converting more consumers in Alibaba Ecosystem into Ele.me user as well as cross-selling between food delivery and other non -- and other on-demand services to increase order frequency.

    展望未來,我們將繼續投資餓了麼消費者心智份額,作為本地服務的切入點,將阿里巴巴生態系統內的更多消費者轉化為餓了麼用戶,以及在外賣與非外賣之間進行交叉銷售——以及其他按需服務以增加訂購頻率。

  • In our international commerce retail business, Lazada and AliExpress each achieved more than 100 million of annual active consumers by March 2021. Lazada delivered another quarter with triple-digit order growth year-over-year.

    在我們的國際商業零售業務中,到 2021 年 3 月,Lazada 和全球速賣通的年度活躍消費者均超過 1 億。Lazada 又一個季度實現了三位數的訂單同比增長。

  • AliExpress continued to achieve rapid growth by significantly improving the logistics experience for its consumers, leveraging Cainiao Network's global smart network -- smart logistic infrastructure. For example, France and Spain, 2 of the key markets that AliExpress invested in logistic infrastructure improvement, recorded triple-digit GMV growth year-over-year during the quarter. In the future, we will continue to invest in key cross-border logistic hubs in Europe, develop local logistic network in target markets and strengthen infrastructure support for our cross-border and local e-commerce businesses.

    全球速賣通借助菜鳥網絡的全球智慧網絡——智慧物流基礎設施,顯著提升消費者的物流體驗,持續實現快速增長。例如,全球速賣通在物流基礎設施改善方面投資的兩個主要市場法國和西班牙在本季度錄得三位數的 GMV 同比增長。未來,我們將繼續投資歐洲重點跨境物流樞紐,在目標市場發展本地物流網絡,加強對跨境和本地電子商務業務的基礎設施支持。

  • In fiscal year 2021, our cloud computing revenue grew 50% year-over-year to over RMB 60 billion. I'm very excited about the massive potential of our cloud computing business as the post-pandemic world is facing a massive opportunity for industrial digitization.

    2021財年,我們的雲計算收入同比增長50%,超過600億元人民幣。我對我們的雲計算業務的巨大潛力感到非常興奮,因為大流行後的世界正面臨著工業數字化的巨大機遇。

  • Cloud infrastructure will eventually replace IT infrastructure, empowering enterprises to achieve digital operation. As China's industrial sector undergoing its digital transformation, manufacturers are moving forward smart manufacturing and direct-to-consumer initiatives, while other traditional industries, such as retail, energy, finance and transportation, have all noticed the tremendous value and new opportunities that big data and intelligent applications could create.

    雲基礎設施終將取代IT基礎設施,賦能企業實現數字化運營。隨著中國工業領域的數字化轉型,製造商正在推進智能製造和直接面向消費者的舉措,而零售、能源、金融和交通等其他傳統行業也都注意到大數據的巨大價值和新機遇。和智能應用程序可以創建。

  • Alibaba Cloud will capture the historical opportunity by, number one, investing in core Art and FaaS products, such as database, storage, elastic computing and big data platforms, to establish our core product competencies, benchmarking against the global cloud leaders; and number two, further expanding the integration of intelligence with cloud infrastructure to provide our customers with more diversified industry intelligent solutions together with our partners.

    阿里雲將抓住歷史機遇,第一,投資數據庫、存儲、彈性計算、大數據平台等核心Art和FaaS產品,建立核心產品競爭力,對標全球雲領導者;第二,進一步擴大智能與雲基礎設施的融合,與合作夥伴一起為客戶提供更多元化的行業智能解決方案。

  • Lastly, we announced in April 2021 that we received the administrative penalty decision issued by the China's State Administration of Market Regulation (sic) [State Administration for Market Regulation]. We have stated that we accept the penalty with sincerity and will ensure our compliance with determination. As a result of the anti-monopoly fine of RMB 18.2 billion leveled by the SAMR, we recorded an operating loss this quarter for the first time since our history as a public company.

    最後,我們在 2021 年 4 月宣布,我們收到了中國國家市場監督管理總局(原文如此)[國家市場監督管理總局]發布的行政處罰決定書。我們已表示,我們真誠地接受處罰,並將確保我們遵守決心。受國家市場監督管理總局182億元反壟斷罰款的影響,我們本季度錄得自上市以來的首次經營虧損。

  • The penalty decision motivated us to reflect on the relationship between a platform economy and society as well as our social responsibilities and covenants. We believe the self-reflection and adjustments we've made will help us better serve our community of consumers, merchants and partners and position us well in the future.

    處罰決定促使我們反思平台經濟與社會之間的關係以及我們的社會責任和契約。我們相信,我們所做的自我反思和調整將有助於我們更好地服務於我們的消費者、商家和合作夥伴社區,並在未來更好地定位我們。

  • Thank you all. Now I will turn it over to Maggie, who will walk you through the details of our financial results.

    謝謝你們。現在我將把它交給 Maggie,她將向您詳細介紹我們的財務業績。

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • Thank you, Daniel. Hello, everyone. Let me start with financial highlights for the fiscal year 2021 and for the March quarter.

    謝謝你,丹尼爾。大家好。讓我從 2021 財年和 3 月季度的財務亮點開始。

  • So our total revenue was CNY 717 billion, an increase of 41% year-over-year. Excluding the consolidation of Sun Art, our revenue would have grown 32% year-over-year to CNY 674 billion. This is well exceeded our revenue guidance we gave at the beginning of the year, which was CNY 650 billion.

    因此,我們的總收入為 7170 億元人民幣,同比增長 41%。不包括高鑫零售的合併,我們的收入將同比增長 32% 至 6740 億元人民幣。這遠遠超過了我們在年初給出的 6500 億元人民幣的收入指導。

  • For March quarter, our total revenue was CNY 187 billion, up 64% year-over-year. Excluding Sun Art, the growth would have been 40%. Still very strong. The growth was driven by the robust revenue growth of our China commerce retail business as well as continued growth of cloud computing businesses.

    3 月季度,我們的總收入為 1870 億元人民幣,同比增長 64%。不包括高鑫零售,增長率為 40%。還是很強大的。這一增長是由我們中國商業零售業務的強勁收入增長以及雲計算業務的持續增長推動的。

  • Total adjusted EBITA was CNY 170 billion, an increase of 24% year-over-year. And for the March quarter, it was RMB 23 billion with an increase of 14% year-over-year primarily driven by healthy profitable -- profit growth of our market-based core commerce business, partially offset by increased investments in new businesses and key strategic areas.

    調整後的 EBITA 總額為 1700 億元人民幣,同比增長 24%。 3 月當季銷售額為 230 億元人民幣,同比增長 14%,這主要得益於我們基於市場的核心商業業務的盈利增長,部分被新業務和關鍵業務的投資增加所抵消。戰略領域。

  • Total adjusted EBITDA increased 25% year-over-year to CNY 197 billion for the year and increased 18% year-on-year for the March quarter.

    全年調整後 EBITDA 總額同比增長 25% 至 1,970 億元人民幣,第三季度同比增長 18%。

  • So net income was CNY 143 billion for the fiscal year, which includes the onetime fine levied and increases in SBC expenses.

    因此,本財年的淨收入為 1430 億元人民幣,其中包括一次性罰款和 SBC 費用的增加。

  • The non-GAAP net income for the year was CNY 172 billion, 30% year-on-year growth.

    全年非美國通用會計準則淨利潤為1720億元人民幣,同比增長30%。

  • March quarter, we showed a net loss of CNY 7.7 billion primarily due to the antimonopoly fine of RMB 18.2 billion. Excluding this impact and certain other items, non-GAAP net income was RMB 26 billion, an increase of 18% year-over-year.

    3 月季度,我們淨虧損 77 億元人民幣,主要是由於 182 億元人民幣的反壟斷罰款。剔除這一影響和其他一些項目,非美國通用會計準則淨利潤為人民幣260億元,同比增長18%。

  • We continue to maintain a solid cash position of USD 72 billion with strong cash flow generation capability. Our free cash flow grew strongly at 32% to RMB 173 billion or around USD 26 billion.

    我們繼續保持 720 億美元的穩健現金頭寸,擁有強大的現金流生成能力。我們的自由現金流強勁增長 32%,達到 1,730 億元人民幣或約 260 億美元。

  • Now let's look at the fiscal '21 revenue in more detail.

    現在讓我們更詳細地看一下 21 財年的收入。

  • Our revenue continues to be more diversified on the back of strong organic growth. The revenue of our China retail marketplaces continued to grow strongly as reflected by our consumer -- customer management revenue growth of 24%.

    在強勁的有機增長的支持下,我們的收入繼續更加多元化。我們中國零售市場的收入繼續強勁增長,這反映在我們的消費者——客戶管理收入增長 24%。

  • Our Alibaba Cloud and Cainiao businesses were the 2 fastest-growing businesses and important drivers of our organic revenue growth. Both have also achieved important financial milestones with the cloud computing business proving its capability to be profitable in December quarter and continue to -- showing increasing profit in March quarter, Cainiao generating positive cash flow. These 2 growth businesses exemplify our track record of committing to invest in businesses over the long term that we believe can create tremendous value for our ecosystem.

    我們的阿里雲和菜鳥業務是增長最快的兩項業務,也是我們有機收入增長的重要驅動力。兩者也都實現了重要的財務里程碑,雲計算業務證明了其在 12 月季度實現盈利的能力,並繼續在 3 月季度顯示利潤增長,菜鳥產生正現金流。這兩項增長業務體現了我們承諾長期投資於我們認為可以為我們的生態系統創造巨大價值的業務的往績記錄。

  • It is important to note that we have continued to invest and grow new seed businesses such as Taobao Deals; Taobao Grocery; Fresh Hema market, which is the Community Marketplaces business; and new features on the core platform such as Taobao Live and short-form video. These initiatives address new consumption demands and behaviors that will continue to expand our addressable markets in China and create many cross-selling opportunities in our ecosystem. We believe these businesses have the potential to be the long-term revenue growth drivers that continue to catalyze our multi-growth engine in the future.

    值得注意的是,我們一直在持續投資和發展淘寶Deal等新的種子業務;淘寶雜貨; Fresh Hema 市場,即社區市場業務;以及淘寶直播、短視頻等核心平台的新功能。這些舉措解決了新的消費需求和行為,將繼續擴大我們在中國的潛在市場,並在我們的生態系統中創造許多交叉銷售機會。我們相信這些業務有潛力成為長期的收入增長動力,在未來繼續催化我們的多增長引擎。

  • Let's look at our overall cost trends.

    讓我們看看我們的整體成本趨勢。

  • Excluding SBC as a percentage of revenue, cost of revenue ratio increased in March quarter and fiscal year due to higher proportion of direct sales business. This increase was primarily attributable to higher proportion of our direct sales business from the consolidation of Sun Art as well as the growth of Tmall supermarket. These direct sales businesses will continue to strengthen our New Retail initiatives, especially in development of our product sourcing capability.

    不包括 SBC 佔收入的百分比,由於直銷業務的比例較高,3 月季度和財政年度的收入成本比率有所增加。這一增長主要是由於合併高鑫零售帶來的直銷業務佔比提高以及天貓超市的增長。這些直銷業務將繼續加強我們的新零售計劃,特別是在發展我們的產品採購能力方面。

  • Sales and marketing ratio also increased in March quarter and fiscal year given increase in marketing and promotion spending to drive user growth and engagement.

    由於營銷和促銷支出的增加以推動用戶增長和參與度,3 月季度和財年的銷售和營銷比率也有所增加。

  • I would like to remind everyone that we added 84 million annual active consumers on our China retail marketplace in fiscal 2021, especially in lower-tier cities, with Taobao Deals ending the year with 150 million inactive consumers.

    我想提醒大家,在 2021 財年,我們在中國零售市場上增加了 8400 萬年活躍消費者,尤其是在低線城市,截至年底,淘寶交易有 1.5 億非活躍消費者。

  • G&A expense ratio was significantly higher at 13% for the quarter primarily due to expensing of the one-off antimonopoly fine. Excluding this item, G&A ratio would have decreased by 1 percentage point to 4%.

    本季度的 G&A 費用率顯著高於 13%,這主要是由於一次性反壟斷罰款的支出。剔除此項目,G&A 比率將下降 1 個百分點至 4%。

  • Revenue and adjusted EBITDA. These slides provides you with an overall summary of our segment revenue and profitability for the March quarter and fiscal year. For the next part of the discussion, I will first provide you with an overall financial recap by segment for the fiscal year and then followed by quarterly discussion of important segments.

    收入和調整後的 EBITDA。這些幻燈片為您提供了我們在 3 月季度和財政年度的部門收入和盈利能力的總體摘要。對於討論的下一部分,我將首先為您提供本財年按部門劃分的整體財務回顧,然後是對重要部門的季度討論。

  • Let's look at the segment revenue and profitability for fiscal year 2021. Starting this quarter, for purpose of presenting our market-based core commerce adjusted EBITA, we expanded the list of our new initiative businesses that we break out in order to present the progress of our strategic investments as well as the profitability of our market-based core commerce business. This is on a like-for-like basis. The new initiative businesses, which now include our New Retail business, Local Consumer Services, Lazada, Taobao Deals and Cainiao, represents strategic areas where we are executing to capture incremental opportunities.

    讓我們看看 2021 財年的部門收入和盈利能力。從本季度開始,為了展示我們基於市場的核心商業調整後的 EBITA,我們擴大了我們突破的新舉措業務列表,以展示我們的進展我們的戰略投資以及我們基於市場的核心商業業務的盈利能力。這是在同類的基礎上。新業務包括我們的新零售業務、本地消費者服務、Lazada、淘寶特賣和菜鳥,代表了我們正在執行以捕捉增量機會的戰略領域。

  • As previously mentioned, we are very excited about the growth prospectives (sic) [prospects] of these fast-growing businesses that will not only increase our addressable market but also require long-term investment commitments. We believe these new businesses will be the drivers of our multi-engine revenue growth in the future.

    如前所述,我們對這些快速增長的業務的增長前景(原文如此)[前景] 感到非常興奮,這不僅會增加我們的潛在市場,而且還需要長期投資承諾。我們相信這些新業務將成為我們未來多引擎收入增長的驅動力。

  • So under this new presentation, for fiscal 2021, our market-based -- marketplace-based core commerce adjusted EBITA was CNY 229 billion, growing 17% year-on-year. Combined losses of strategic investment areas was CNY 34.6 billion, reflecting investment in New Retail, Local Consumer Services, Lazada as well as addition of losses reflecting our aggressive investment in Taobao Deals.

    因此,根據這個新的報告,2021 財年,我們基於市場的核心商業調整後的 EBITA 為 2290 億元人民幣,同比增長 17%。戰略投資領域合計虧損人民幣 346 億元,反映了對新零售、本地消費服務、Lazada 的投資,以及由於我們對淘寶交易的積極投資而增加的虧損。

  • Core commerce adjusted EBITA reached CNY 194 billion. The cloud computing and DME continued to narrow losses during this fiscal year.

    核心商業調整後 EBITA 達到 1,940 億元人民幣。雲計算和 DME 在本財年繼續收窄虧損。

  • Our innovation initiatives recorded adjusted EBITA loss of RMB 10 billion, up RMB 1.8 billion as we continued to invest in technological research and innovation.

    我們的創新舉措錄得調整後 EBITA 虧損人民幣 100 億元,增加人民幣 18 億元,因為我們繼續投資於技術研究和創新。

  • Overall, our adjusted EBITA for fiscal year grew 24%, reflecting the strength of our core commerce business that was partly offset by the investment we made in the new initiative areas.

    總體而言,我們在本財年調整後的 EBITA 增長了 24%,反映了我們核心商業業務的實力,但部分被我們在新舉措領域的投資所抵消。

  • Segment reporting, I wouldn't go into detail for each one of them, just some highlights. So for the core commerce, CMR grew 40% year-over-year to CNY 64 billion. These are all for the discussion for the quarter. This growth actually is driven by solid growth of our China retail marketplaces.

    分段報告,我不會詳細介紹其中的每一個,只是一些亮點。因此,對於核心商務,CMR 同比增長 40% 至 640 億元人民幣。這些都是本季度的討論。這種增長實際上是由我們中國零售市場的穩健增長推動的。

  • Overall, online GMV was -- grew 33%, reflecting the rapid recovery of growth in apparel, accessory and home furnishing category, et cetera. FMCG also exhibited solid growth during this quarter. From a merchant spending perspective, we saw strong growth in higher spending per merchant and an increasing number of paying merchants on our China retail marketplace.

    總體而言,在線 GMV 增長了 33%,反映了服裝、配飾和家居品類等增長的快速恢復。快速消費品在本季度也表現出穩健的增長。從商戶支出的角度來看,我們看到每個商戶的支出增長強勁,中國零售市場上的付費商戶數量也在增加。

  • In March quarter, China retail others revenue grew 134% to CNY 60 billion due to consolidation of Sun Art. In March quarter, marketplace-based EBITA reached CNY 44 billion, up 28% year-on-year, reflecting solid CMR growth, partially offset by the increase in the marketing, promotional spending for user acquisition and increasing engagement on our China retail marketplace.

    由於合併高鑫零售,3 月季度中國零售其他收入增長 134% 至 600 億元人民幣。 3 月季度,基於市場的 EBITA 達到 440 億元人民幣,同比增長 28%,反映 CMR 穩健增長,但部分被營銷、用戶獲取促銷支出的增加以及我們在中國零售市場的參與度增加所抵消。

  • Let's take a look at the cloud computing business. Ali Cloud revenue grew 37% year-over-year to CNY 17 billion during the quarter. This lower revenue growth due to the -- during the quarter was due to a change in our relationship with a top cloud customer in the internet industry. This customer has a sizable presence outside of China that used our overseas cloud services. They have decided to terminate the relationship with us with respect to their international business due to nonproduct-related requirements. We expect the impact of reduction in revenue from this customer to affect our year-on-year growth rate with -- when compared to prior years. Excluding this customer impact, Alibaba Cloud top 10 nonaffiliated customers together accounted for no more than 8% of Alibaba Cloud total revenues. So you get a sense on this concentration the revenue is really not high. Going forward, we believe that our cloud computing revenue will be further diversified across customers and industries.

    讓我們來看看雲計算業務。本季度阿里雲收入同比增長 37% 至 170 億元人民幣。由於本季度的收入增長較低,這是由於我們與互聯網行業頂級雲客戶的關係發生了變化。該客戶在中國境外擁有相當規模的業務,並使用了我們的海外雲服務。由於與產品無關的要求,他們決定終止與我們就其國際業務的關係。我們預計,與往年相比,該客戶收入減少的影響將影響我們的同比增長率。剔除這一客戶影響,阿里雲前 10 名非關聯客戶合計佔阿里云總收入的比例不超過 8%。所以你對這種集中度有一種感覺,收入真的不高。展望未來,我們相信我們的雲計算收入將在客戶和行業中進一步多元化。

  • Alibaba Cloud was profitable for the quarter and generated an adjusted EBITA of RMB 308 million. Our cloud business has delivered profits over the last 2 quarters, which demonstrates that we can run this business on a profitable basis. We believe it is still more important to drive market share leadership given the rapid growth of the industry. We will continue to invest in innovation -- in innovative technologies, expanding customer servicing capabilities and enabling a robust developer ecosystem for the cloud business in the future.

    阿里雲本季度實現盈利,調整後 EBITA 為人民幣 3.08 億元。我們的雲業務在過去兩個季度實現了盈利,這表明我們可以在盈利的基礎上運營這項業務。我們認為,鑑於行業的快速增長,推動市場份額的領先地位仍然更為重要。我們將繼續投資於創新——在創新技術、擴展客戶服務能力以及為未來的雲業務打造強大的開發者生態系統。

  • Our DME business for the quarter grew to CNY 8 billion in revenue, 12% year-on-year growth. This is a sector that's impacted by the pandemic as well.

    本季度二甲醚業務收入增長至 80 億元人民幣,同比增長 12%。這也是一個受到大流行影響的行業。

  • Income statement selective financial metrics. So when you look at the interest and investment income, it was RMB 111 million in March quarter. This year-over-year increase is primarily due to the decrease in net loss arising from the fair value changes of our investments.

    損益表選擇性財務指標。因此,當您查看利息和投資收益時,3 月季度為 1.11 億元人民幣。這一同比增長主要是由於我們投資的公允價值變動引起的淨虧損減少。

  • Our share of results of equity method investees was RMB 6 billion during March quarter.

    在 3 月季度,我們在權益法投資對像中的份額為 60 億元人民幣。

  • Our free cash flow was an outflow of CNY 658 million this quarter. It was also -- this was a pattern -- similar pattern in last years. The cash flow outflow during this quarter was mainly due to our increased strategic investment as well as an increase in marketing and promotional spending for user acquisition and retention. And at the same time, there was merchant deposit fund that, as a practice that we discussed in the earnings release, that we just take it out from the free cash flow calculation.

    本季度我們的自由現金流流出人民幣 6.58 億元。這也是 - 這是一種模式 - 去年的類似模式。本季度現金流出主要是由於我們增加了戰略投資以及增加了用於用戶獲取和保留的營銷和促銷支出。同時,還有商家存款基金,作為我們在收益發布中討論的一種做法,我們只是將其從自由現金流計算中取出。

  • Okay. So let's take a look at -- the non-GAAP net income attributable to shareholders was CNY 5.5 billion for the quarter. This was mostly due to expensing of a CNY 18.2 billion fine, partially offset by the reduced net loss arising from the fair value changes of our investments.

    好的。因此,讓我們看一下——本季度非公認會計原則歸屬於股東的淨利潤為 55 億元人民幣。這主要是由於支付了 182 億元人民幣的罰款,部分被我們投資公允價值變動帶來的淨虧損減少所抵消。

  • Now outlook and guidance. So total revenue, excluding Sun Art consolidation, was CNY 674 billion for fiscal 2021, which, as I mentioned, surpassed our annual revenue guidance. This was driven by robust performance of our core business as well as continued growth of cloud.

    現在展望和指導。因此,2021 財年不包括高鑫零售的總收入為 6740 億元人民幣,正如我所提到的,這超過了我們的年度收入指導。這是由我們核心業務的強勁表現以及雲計算的持續增長推動的。

  • Going forward, we expect to generate over RMB 930 billion in revenue in fiscal 2022, considering the total market potential as well as the -- our strong profit and cash flow generation capability. This gives us the internal resources to focus on long-term value creation.

    展望未來,考慮到整體市場潛力以及我們強大的利潤和現金流產生能力,我們預計 2022 財年的收入將超過 9,300 億元人民幣。這為我們提供了專注於長期價值創造的內部資源。

  • In fiscal 2022, we plan to invest all of our incremental profits and additional capital into supporting our merchants and developing new businesses and the key strategic areas that will help us increase consumer wallet share and penetrate into new addressable markets.

    在 2022 財年,我們計劃將所有增量利潤和額外資本投入到支持我們的商家、開發新業務和關鍵戰略領域,這將有助於我們增加消費者錢包份額並打入新的潛在市場。

  • That completed our prepared remarks. Let's open up for Q&A.

    這完成了我們準備好的評論。讓我們打開問答。

  • Robert Lin - IR

    Robert Lin - IR

  • Hi, everyone. So for today's call, we welcome to ask you -- you're welcome to ask question in Chinese or English. A third-party translator will provide consecutive interpretation for the Q&A session. Our management will address your question in the language you ask. Please note that the translation is for convenience purpose only. In the case of any discrepancy, the management statement in their original language will prevail. (foreign language)

    大家好。所以對於今天的電話,我們歡迎您提問——歡迎您用中文或英文提問。問答環節將由第三方翻譯提供交替傳譯。我們的管理層將以您提出的語言解決您的問題。請注意,翻譯僅為方便起見。如有任何差異,以原始語言的管理層聲明為準。 (外語)

  • Operator, now we can connect to the speaker and SI conference lines and start the Q&A session when ready. Thank you.

    接線員,現在我們可以連接到揚聲器和 SI 會議線路,並在準備好後開始問答環節。謝謝你。

  • Operator

    Operator

  • (Operator Instructions) First question comes from the line of Alex Yao of JPMorgan.

    (操作員說明)第一個問題來自摩根大通的 Alex Yao。

  • Alex C. Yao - Head of Asia Internet and New Media Research

    Alex C. Yao - Head of Asia Internet and New Media Research

  • [Interpreted] I have some questions on the investment side. First of all, I'd like to know if you could please clarify the remarks made, I believe, by both Maggie and Daniel, in your presentations as regarding the intention to completely reinvest all incremental profit in the coming year. Does that mean that we're talking about an outlook with a 0 profit growth in the coming financial year?

    【解讀】我有一些關於投資方面的問題。首先,我想知道您能否澄清一下我相信 Maggie 和 Daniel 在您的演講中關於在來年將所有增量利潤完全再投資的意圖。這是否意味著我們正在談論下一個財政年度利潤增長為 0 的前景?

  • Secondly, you listed a lot of different areas into which that investment will be channeled. I'm wondering if you could tell us which of those will be the top priorities.

    其次,您列出了該投資將用於引導的許多不同領域。我想知道您能否告訴我們其中哪些將是首要任務。

  • And thirdly, Daniel in his remarks spoke of how these investments will be managed in a prudent fashion with internally defined KPIs to monitor investment effectiveness. I'm wondering if you could please tell us more about how that will work and, on those KPIs, how performance has been year-to-date.

    第三,丹尼爾在講話中談到瞭如何通過內部定義的 KPI 以審慎的方式管理這些投資,以監控投資的有效性。我想知道您是否可以告訴我們更多關於這將如何工作以及在這些 KPI 上,今年迄今為止的表現如何。

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • [Interpreted] Yes. Let me start by answering as to what we intend to -- or what we meant with this announcement of our investment of incremental profits and what the priorities will be in terms of making this investment.

    [解釋] 是的。讓我首先回答我們打算做什麼 - 或者我們宣布我們的增量利潤投資意味著什麼,以及在進行這項投資方面的優先事項是什麼。

  • So as we stated in our earnings guidance, we plan to invest all incremental profit in the coming year into growing our business further and investing for the future. Does that mean then that in the coming year there will be no prospect of profitability or profit growth? Or will maximum profit growth be restricted to what it was this year?

    因此,正如我們在收益指南中所述,我們計劃將來年的所有增量利潤用於進一步發展我們的業務並為未來投資。這是否意味著來年將沒有盈利或利潤增長的前景?還是將最大利潤增長限制在今年的水平?

  • Well, let's look at what we can achieve with this investment first. In the market, as you know, there are very, very few companies that can do what we've done in terms of investing a lot of money into future business growth and to strategic initiatives while still enjoying a very robust profit growth. So I think it's fair to say that there's a huge potential for us to further grow be it in our core market or in other areas. There's still lots of scope and lots of room for us to do new things and grow the business.

    好吧,讓我們先看看我們可以通過這項投資實現什麼。如您所知,在市場上,很少有公司可以像我們所做的那樣,在未來的業務增長和戰略計劃上投入大量資金,同時仍然享受非常強勁的利潤增長。因此,我認為可以公平地說,無論是在我們的核心市場還是其他領域,我們都有進一步增長的巨大潛力。我們仍有很大的空間和空間去做新事物和發展業務。

  • And I think any long-term investor would say that promising to maintain a certain level of profit or prioritizing a higher level of profit would be a stupid thing to do because in the market today, there are so many competitors who are investing large amounts to gain a foothold in the market, to grow the market. And we're in a great position to create value and capitalize on our existing resources to drive future growth going forward. So that is the intention.

    而且我認為任何長期投資者都會說,承諾保持一定水平的利潤或優先考慮更高水平的利潤將是一件愚蠢的事情,因為在今天的市場上,有很多競爭對手正在大量投資於立足市場,壯大市場。我們處於創造價值和利用現有資源推動未來增長的有利位置。所以這就是意圖。

  • We're going to be investing in a highly targeted and highly disciplined way in order to lay a foundation for even better growth going forward. And at the end of the day, users will vote with their feet. So we see these investments ultimately as playing out in terms of growing the business and more deeply engaging users.

    我們將以高度針對性和高度自律的方式進行投資,以便為未來更好的增長奠定基礎。最終,用戶會用腳投票。因此,我們認為這些投資最終會在發展業務和更深入地吸引用戶方面發揮作用。

  • And then by way of follow-up in terms of the specific areas we intend to be investing in, as we talked about, certainly core commerce, New Retail, as Daniel mentioned in his remarks, the Community Marketplaces business, Taobao Deals but also our international business, local services and logistics.

    然後通過跟進我們打算投資的具體領域,正如我們所談到的,當然是核心商業,新零售,正如丹尼爾在他的講話中提到的那樣,社區市場業務,淘寶交易以及我們的國際商務、本地服務和物流。

  • And then another way of breaking down the investments not by business but in terms of results that we see, certainly these would include growth in the user base, enhanced engagement as well as the provision of more value to merchants.

    然後是另一種分解投資的方法,不是按業務而是按我們看到的結果,當然這些將包括用戶群的增長、增強的參與度以及為商家提供更多價值。

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • [Interpreted] Yes. I'd just like to add to that briefly. When it comes to making these investments, we do have 3 major strategic priorities, as I mentioned in my script. These are domestic consumption, globalization and the cloud or high -- advanced technology part of the business. And we intend to be investing in all 3 of those because we see large incremental opportunity.

    [解釋] 是的。我想簡單地補充一下。正如我在腳本中提到的那樣,在進行這些投資時,我們確實有 3 個主要的戰略重點。這些是國內消費、全球化和雲或高科技業務的一部分。我們打算投資所有這三個,因為我們看到了巨大的增量機會。

  • Starting with the first of those strategic priorities, namely domestic demand, domestic consumption, our AAC number has now reached 890 million in China. This is the latest total figure across the ecosystem, all of the different platforms, an aggregate AAC figure of 890 million. However, there's still a lot of scope to grow the frequency on purchase and engagement of these 890 million AACs to convert them into MACs, monthly active consumers, or even DACs, daily active consumers. So huge, huge scope for development there.

    從這些戰略重點中的第一個,即內需、國內消費開始,我們的瑞聲在中國的數量現已達到 8.9 億。這是整個生態系統、所有不同平台的最新總數字,AAC 總數字為 8.9 億。然而,這 8.9 億個 AAC 的購買和參與頻率仍有很大的提升空間,以將它們轉化為 MAC、月活躍消費者,甚至 DAC、每日活躍消費者。如此巨大,巨大的發展空間。

  • We have today within this user base the broadest and largest multi-tier consumer base in China. So as I said in my remarks, a major priority for us and for the developing user base is to continue to drive higher levels of purchase frequency across all classes of consumers.

    今天,我們在這個用戶群中擁有中國最廣泛和最大的多層次消費群。因此,正如我在講話中所說,對於我們和發展中的用戶群來說,一個主要優先事項是繼續推動所有類別消費者的更高水平的購買頻率。

  • And then, although we already have 890 million AACs, still there is quite some scope for further growth in that figure with respect to users in lower-tier cities and in rural areas. In fact, in my script just now, I reported the growth achieved in the past year in our user base, and 70% of those new users came from rural areas. So we will continue, as I said, to strive to grow the user base, adding new users, and have set as a target surpassing 1 billion AACs in the new financial year.

    然後,儘管我們已經擁有 8.9 億 AAC,但對於低線城市和農村地區的用戶而言,這一數字仍有相當大的增長空間。事實上,在我剛才的腳本中,我報告了我們用戶群在過去一年中取得的增長,其中 70% 的新用戶來自農村地區。因此,正如我所說,我們將繼續努力擴大用戶群,增加新用戶,並設定在新財政年度超過 10 億 AAC 的目標。

  • Apart from growing the number of consumers and their frequency of consumption, another important initiative for us is helping merchants by reducing their burden, reducing their costs as well as creating and facilitating a conducive environment for their long-term development and success. In this respect, we will have many measures. Some have already been announced, some have yet to be announced, but they all aim at helping merchants.

    除了增加消費者數量和消費頻率外,我們的另一項重要舉措是幫助商家減輕負擔,降低成本,並為他們的長期發展和成功創造和促進有利的環境。在這方面,我們會有很多措施。有的已經公佈了,有的還沒有公佈,但都是為了幫助商家。

  • Finally, also in the same area of domestic demand and domestic consumption, another place we'll be investing is in the continued construction and improvement of our infrastructure, our logistics, our supply chain and merchandising capabilities. This is also an important area where we can discover and satisfy user demand and create long-term value for our users and for the company. In the interest of time, I will not expand any further. I will merely end by saying that we'll put in place detailed KPIs to monitor all of these investments and ensure that they're conducted in a disciplined fashion.

    最後,同樣在國內需求和國內消費的同一領域,我們將投資的另一個地方是繼續建設和改善我們的基礎設施、物流、供應鍊和銷售能力。這也是我們發現和滿足用戶需求,為用戶和公司創造長期價值的重要領域。由於時間關係,我不再展開。最後我只想說,我們將製定詳細的 KPI 來監控所有這些投資,並確保它們以有紀律的方式進行。

  • So the above was always with respect to the domestic consumption piece of our strategy. Turning now to globalization. As was mentioned in my speech earlier, we're very pleased that we now have 240 million international AACs, and we hope to double that figure going forward. So growing the international user base is also very important to us.

    因此,上述內容始終與我們戰略中的國內消費有關。現在轉向全球化。正如我之前在演講中提到的,我們很高興我們現在擁有 2.4 億個國際 AAC,我們希望在未來將這個數字翻一番。因此,擴大國際用戶群對我們來說也非常重要。

  • Finally, I'd like to talk briefly about technology. We see the cloud as an epoch-defining opportunity, and we'll continue to invest in cloud technology but also in big data and other kinds of technology as well, including technology to enable the next-generation consumption experience to better support logistics services and in other areas, to ensure the technology is supporting the realization of our domestic consumption strategy, our globalization strategy as well as our cloud and high-tech strategy. We want to enable all of these strategic areas to benefit from further improvement in our technology capabilities.

    最後,我想簡單談談技術。我們將雲視為一個劃時代的機遇,我們將繼續投資於雲技術,同時也投資於大數據和其他類型的技術,包括使下一代消費體驗能夠更好地支持物流服務和在其他領域,確保技術支持我們的國內消費戰略、全球化戰略以及雲和高科技戰略的實現。我們希望使所有這些戰略領域都能從我們技術能力的進一步提高中受益。

  • Operator

    Operator

  • Yes, our next question is from the line of Thomas Chong of Jefferies.

    是的,我們的下一個問題來自 Jefferies 的 Thomas Chong。

  • Thomas Chong - Equity Analyst

    Thomas Chong - Equity Analyst

  • May I ask about the trend in terms of the CMR? Given that we have seen the CMR growth rate is very solid, can you comment about the FY '22 outlook, in particular how we should think about the take rate trend for this year?

    我可以問一下 CMR 方面的趨勢嗎?鑑於我們已經看到 CMR 增長率非常穩定,您能否評論一下 22 財年的前景,特別是我們應該如何看待今年的利率趨勢?

  • And my second question is about the competitive landscape. Given that we have a wide product selections and very strong technology, how would we leverage our core capabilities in different areas like lower-tier cities penetration as well as our strategic initiative in local service and Sun Art? (foreign language)

    我的第二個問題是關於競爭格局。鑑於我們擁有廣泛的產品選擇和非常強大的技術,我們將如何利用我們在低線城市滲透等不同領域的核心能力以及我們在本地服務和高鑫的戰略舉措? (外語)

  • Wei Wu - CFO, Head of Strategic Investments & Director

    Wei Wu - CFO, Head of Strategic Investments & Director

  • Yes. In terms of CMR growth, you've seen that we reported 24% year-on-year growth for the quarter. And if you look at the past few quarters, that's been growing strongly considering it has a large base. I believe the CMR growth is going to be -- have -- continues to have high potential.

    是的。在 CMR 增長方面,您已經看到我們報告本季度同比增長 24%。如果你看看過去幾個季度,考慮到它的基數很大,它一直在強勁增長。我相信 CMR 的增長將 - 有 - 繼續具有很高的潛力。

  • If you look at this revenue, actually the TAM is merchants' budget, right? You pay for the services and -- we provided. Currently, our take is somewhere around 4%. This is mainly where merchants paying for the sales and marketing, branding services were provided. So even in this sole area, we still have a lot of potential. And there are also other areas that we could provide merchant services. So take rate has been growing over the past years.

    如果你看這個收入,實際上 TAM 是商家的預算,對吧?您為我們提供的服務付費。目前,我們的比例在 4% 左右。這主要是商家支付銷售和營銷,提供品牌服務的地方。所以即使在這個唯一的領域,我們仍然有很大的潛力。我們還可以在其他領域提供商家服務。因此,過去幾年的錄取率一直在增長。

  • I think this year, as we talked about, we're going to provide more support to the merchants. In our last call, we talked about the details on how we support our merchants, this including waiving certain charges, fees and also invest in the platforms and infrastructure to support merchants. So we're not aggressively monetizing the value we created for the merchants actually.

    我認為今年,正如我們所說,我們將為商家提供更多支持。在我們上次的電話會議中,我們討論了我們如何支持我們的商家的細節,這包括免除某些費用,並投資於平台和基礎設施以支持商家。因此,我們實際上並沒有積極地將我們為商家創造的價值貨幣化。

  • The one thing worth to mention is that CMR currently accounts for approximately 43% of our total revenue. If you look at 3 years ago, 5 years ago, it used to be like 70%, 80%, right? So it has been growing very fast, but it's, as a percentage of revenue, coming down. I think that trend will continue. That is because of our multi-engine strategy. We have so many new businesses, and revenue contributed from these new -- that become more and more important and significant to our total revenue. (foreign language)

    值得一提的是,CMR 目前約占我們總收入的 43%。如果你看3年前,5年前,曾經是70%,80%,對吧?所以它一直在快速增長,但作為收入的百分比,它正在下降。我認為這種趨勢將繼續下去。那是因為我們的多引擎策略。我們有很多新業務,這些新業務帶來的收入對我們的總收入變得越來越重要和重要。 (外語)

  • Yes. Just one minor correction. The 24% year-on-year growth is for the annual fiscal 2021. For this quarter, the growth rate for CMR was 40%. (foreign language)

    是的。只是一個小修正。 24% 的同比增長是針對 2021 財年的。本季度,CMR 的增長率為 40%。 (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Now let me answer the second question in terms of the technology, how to apply technology into the competition. Actually, we always believe that technology is so critical in the competition, and we are proud of our technology development and the integration with the real operation and even in the fierce competition.

    現在讓我從技術方面回答第二個問題,如何將技術應用到競爭中。事實上,我們始終相信技術在競爭中至關重要,我們為自己的技術開發和與實際運營的融合,甚至在激烈的競爭中感到自豪。

  • So let me just give you a few examples. In the matter of consumption area, actually one of the key things is how to acquire and retain the customers on our China retail marketplaces. But the key thing is how to use technology to match the most comprehensive product offerings we have on our platforms with the right customers and generate the real consumption. So the matching capabilities is all driven by AI and driven by technologies. So I think that's our big advantage to make sure we have a most effective, I mean, conversion. I mean over years, our conversion rate had continued to grow and which -- not only to grow our GMV but also to meeting the diversified demands of our customers.

    所以讓我給你舉幾個例子。在消費領域,實際上關鍵之一是如何在我們的中國零售市場上獲得和留住客戶。但關鍵是如何利用技術將我們平台上最全面的產品與合適的客戶相匹配,並產生真正的消費。所以匹配能力都是由人工智能驅動,由技術驅動。所以我認為這是我們的一大優勢,以確保我們有一個最有效的,我的意思是,轉換。我的意思是多年來,我們的轉化率持續增長,這不僅是為了增加我們的 GMV,也是為了滿足客戶的多樣化需求。

  • The second example I want to give you is that once we acquire new customers, it's all about how to maximize the lifetime value of these customers via cross-category setting opportunities. And so in this regard, we have this -- we built a very comprehensive user profile and product features profile to make sure we can maximize -- we can understand our customers very well and provide all their needs during their lifetime cycle. Let me stop here for translation. (foreign language)

    我想給大家舉的第二個例子是,一旦我們獲得了新客戶,一切都是關於如何通過跨品類設置機會來最大化這些客戶的生命週期價值。所以在這方面,我們有這個——我們建立了一個非常全面的用戶檔案和產品功能檔案,以確保我們能夠最大化——我們可以很好地了解我們的客戶並在他們的生命週期內滿足他們的所有需求。讓我在這裡停下來翻譯一下。 (外語)

  • Well, but technology application is not limited to the consumer management side. Actually, it covers all the areas. Just a few more examples.

    嗯,但技術應用不僅限於消費者管理方面。實際上,它涵蓋了所有領域。再舉幾個例子。

  • For example, in -- on logistics side and -- technology actually play a very important role to -- for Cainiao to build a smart, data-driven logistic network and operating system and -- to serve our merchants as our -- both in China and the international market.

    例如,在 - 在物流方面和 - 技術實際上扮演著非常重要的角色 - 菜鳥構建智能的,數據驅動的物流網絡和操作系統 - 為我們的商家服務 - 兩者都在中國和國際市場。

  • And on the cloud side, I think technology is a key. As I said in my script, we continue to invest in technology to build our competitive advantage in the Art and FaaS products. But this -- our benchmark is not only in China. Actually, we benchmark the global leaders in all their, I mean, core cloud products and -- to make sure we are -- as a top tier of the world. (foreign language)

    在雲端,我認為技術是關鍵。正如我在劇本中所說,我們將繼續投資於技術,以建立我們在藝術和 FaaS 產品方面的競爭優勢。但這——我們的基準不僅在中國。實際上,我們在所有核心雲產品中對全球領導者進行了基準測試,並確保我們成為世界頂級。 (外語)

  • Operator

    Operator

  • Next question is from the line of Jerry Liu of UBS.

    下一個問題來自瑞銀的 Jerry Liu。

  • Yuan Liu - Co Head of HK and China Internet Research

    Yuan Liu - Co Head of HK and China Internet Research

  • Yes, my question is really on the business model. If we look at the recent past years, we've seen an increase in the 1P revenue mix, right, as Alibaba consolidates, Sun Art and as we grow Hema or Freshippo. So today, we talk about investing in Community Marketplaces. And from the presentation, it looks like the providers of groceries and FMCG into this business includes also Sun Art and, I believe, Hema as well.

    是的,我的問題實際上是關於商業模式的。如果我們回顧過去幾年,我們已經看到 1P 收入組合的增加,對,隨著阿里巴巴、高鑫零售以及我們發展盒馬或盒馬鮮生。所以今天,我們談論投資社區市場。從介紹來看,該業務的雜貨和快速消費品供應商似乎還包括高鑫零售,我相信盒馬也包括在內。

  • So as we invest in these high-frequency categories, how does this change the long-term business model? How do we envision the ecosystem looking long term? And maybe more specifically, do we have a target 1P-3P mix in mind? (foreign language)

    那麼當我們投資這些高頻類別時,這將如何改變長期的商業模式?我們如何展望生態系統的長遠發展?也許更具體地說,我們是否有目標 1P-3P 組合? (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • In short, we don't have any specific goal for 1P-3P mix. We strongly believe that this mix is an organic result, outcome for our operation, and we don't manage the 1P-3P mix intentionally.

    簡而言之,我們對 1P-3P 混合沒有任何具體目標。我們堅信,這種組合是我們運營的有機結果和結果,我們不會有意管理 1P-3P 組合。

  • Over years, we have built our 2 flying wheels in our annual consumption business. One is to build our -- continues to build a capability to manage the customers smartly and efficiently. And in this regard, we said how to create the demand. So in the demand side, we continue to invest to improve our user interface with creativity and with technologies. And we strongly believe that it's very important for us to engage -- enhance our engagement with our customers not only to have more customers on our platform but also to help them spend more time with us. And we strongly believe that a very diversified supply from the merchants from different sources is very, very important. And the selection is very, very important to enhance the user stickiness. So I think that's the area we continue to invest and to build capability on the customer management and demand creation.

    多年來,我們在年度消費業務中建立了 2 個飛輪。一是建立我們的——繼續建立一種能力,以智能和有效地管理客戶。並且在這方面,我們說如何創造需求。因此,在需求方面,我們繼續投資以通過創造力和技術改善我們的用戶界面。我們堅信,參與對我們來說非常重要——加強我們與客戶的互動,不僅可以在我們的平台上吸引更多客戶,還可以幫助他們花更多時間與我們在一起。我們堅信,來自不同來源的商家的非常多樣化的供應非常非常重要。而選擇對於增強用戶粘性非常非常重要。所以我認為這是我們繼續投資並在客戶管理和需求創造方面建立能力的領域。

  • And on the other hand, over years, we tried to build a very strong, I mean, merchandising capabilities and supply chain management capabilities, which we believe -- actually, over years, no matter how frequency -- how changed the user interface will be, the efficient supply is a must to do a successful commerce business, including e-commerce business. So that's why we invest a lot to build our supply-side capabilities. And we believe that these capabilities -- the advantage of these capabilities will not change even without -- even with the user interface upgrading and change. So these are 2 flying wheels to Alibaba.

    另一方面,多年來,我們試圖建立一個非常強大的,我的意思是,銷售能力和供應鏈管理能力,我們相信——實際上,多年來,無論頻率如何——用戶界面會發生多大的變化是的,高效的供應是做一個成功的商業業務的必要條件,包括電子商務業務。這就是為什麼我們投入大量資金來建立我們的供應方能力。而且我們相信這些能力——即使沒有這些能力的優勢也不會改變——即使隨著用戶界面的升級和變化。所以這是阿里巴巴的兩個飛輪。

  • I'm so proud that maybe we are one of the few companies in the world which have the -- has had the excellent, I mean, consumer management capabilities but, at the same time, has this merchandising and the supply chain management capabilities in one company and in one team. I think that these 2 flying wheels are the critical successful factor for our long-term growth. (foreign language)

    我很自豪,也許我們是世界上為數不多的擁有優秀的消費者管理能力的公司之一一家公司和一個團隊。我認為這兩個飛輪是我們長期增長的關鍵成功因素。 (外語)

  • Operator

    Operator

  • Next question is from the line of Han Joon Kim of Macquarie.

    下一個問題來自麥格理的 Han Joon Kim。

  • Han Joon Kim

    Han Joon Kim

  • I wanted to ask about Taobao Deals. I think it's been one of the fastest-growing apps in last year. And are you guys empowering it to kind of grow to 700 million, 800 million kind of in a few years? Or do you just kind of see it as something that is...

    我想問一下淘寶優惠。我認為它是去年增長最快的應用程序之一。你們是不是讓它在幾年內增長到 7 億、8 億?或者你只是把它看作是……

  • Robert Lin - IR

    Robert Lin - IR

  • Han Joon, sorry...

    韓俊,對不起……

  • Han Joon Kim

    Han Joon Kim

  • Hello? Do you hear me?

    你好?你聽到我了嗎?

  • Robert Lin - IR

    Robert Lin - IR

  • Han Joon, sorry to interrupt. Can you repeat your question? Maybe get closer to the mic.

    韓俊,不好意思打斷一下。你能重複你的問題嗎?也許靠近麥克風。

  • Han Joon Kim

    Han Joon Kim

  • Sure. It's regarding Taobao Deals. I'm wondering if we are empowering it to try to grow to 700 million, 800-type million users in a few years...

    當然。這是關於淘寶交易的。我想知道我們是否正在授權它嘗試在幾年內增長到 7 億、800 類型的百萬用戶......

  • Robert Lin - IR

    Robert Lin - IR

  • Sorry.

    對不起。

  • Han Joon Kim

    Han Joon Kim

  • Or do you see this ...

    或者你看到這個...

  • Robert Lin - IR

    Robert Lin - IR

  • Sorry, your mic is still very noisy.

    抱歉,你的麥克風還是很吵。

  • Han Joon Kim

    Han Joon Kim

  • Hopefully, this is a little bit better.

    希望這會好一點。

  • Robert Lin - IR

    Robert Lin - IR

  • Yes.

    是的。

  • Han Joon Kim

    Han Joon Kim

  • Yes. Sorry, just to repeat, for Taobao Deals, just wondering if this is a business you're empowering to try to get to kind of 700 million, 800 million kind of user base in a few years' time. And if that's the case, how do we see this interacting with, I guess, Taobao and Tmall in the sense of as Tmall -- as Taobao Deals grows, do you see any kind of cannibalistic behavior to our own services? And part of this is also -- I don't feel like I'm seeing your competitors in that similar space being particularly impacted as this -- as Taobao Deals grows, so I'm also kind of thinking how this impacts perhaps the competitive landscape as well. (foreign language)

    是的。抱歉,重複一遍,對於淘寶特賣,只是想知道這是否是您授權嘗試在幾年內達到 7 億、8 億用戶群的業務。如果是這樣的話,我們如何看待這與淘寶和天貓的互動,就像天貓一樣——隨著淘寶交易的增長,你是否看到我們自己的服務有任何同類相食的行為?部分原因是——我覺得我沒有看到你在類似領域的競爭對手受到特別影響——隨著淘寶交易的增長,所以我也在想這可能會如何影響競爭景觀也是。 (外語)

  • Yong Zhang - CEO & Executive Chairman

    Yong Zhang - CEO & Executive Chairman

  • Well, the value proposition of Taobao Deals is very clear. It's for price-conscious consumers, and we provide on Taobao Deals platform the value-for-money products for these, I mean, price-sensitive customers. And in terms of supply side, actually we focus on manufacturers and farmers and their direct offer and end-to-end to the customer in the -- which care more about price.

    嗯,淘寶Deals的價值主張很明確。這是針對價格敏感的消費者,我們在淘寶特賣平台上為這些價格敏感的客戶提供物超所值的產品。在供應方面,實際上我們關注的是製造商和農民以及他們直接向客戶提供和端到端的服務——他們更關心價格。

  • So I think the value proposition and the simple consumer journey, shopping journey, I think, is a key for Taobao Deals, and we are very happy to see the progress we made during the last year.

    所以我認為價值主張和簡單的消費者旅程、購物旅程是淘寶特賣的關鍵,我們很高興看到我們在過去一年中取得的進展。

  • And as I said, our MAU in March reached 130 million. And for the entire year, we -- our annual active consumer reached 150 million. So I think that's a good start. And because China is so big and with so many population with different consumption power and with different segmentation and preferences, so we try to -- as part of Alibaba China retail marketplaces, we try to provide multiple destinations to the customers with different purposes. So I think Taobao Deals is a good supplement to our -- to other applications, other business we have in China retail marketplaces.

    正如我所說,我們 3 月份的 MAU 達到了 1.3 億。全年,我們 - 我們的年度活躍消費者達到 1.5 億。所以我認為這是一個好的開始。由於中國如此之大,擁有如此多的人口,具有不同的消費能力、不同的細分和偏好,所以我們嘗試——作為阿里巴巴中國零售市場的一部分,我們嘗試為具有不同目的的客戶提供多個目的地。所以我認為淘寶優惠是對我們在中國零售市場的其他應用程序和其他業務的一個很好的補充。

  • And in terms of the incremental value we create from Taobao Deals, I just gave a good example in my script to you, which is the average spending of our customers on Taobao Deals. Their -- the increased rate of this spending for the customers on Taobao Deals is bigger for the -- for those -- NS spend -- for the average spending on China retail marketplace, which indicate that if we have people -- if we give people multiple choices, the overall -- the total spending within Alibaba Ecosystem will be bigger. So that's a very good indicator. And -- so that's why we will continue to invest in Taobao Deals.

    至於我們從淘寶交易中創造的增量價值,我只是在我的腳本中給你舉了一個很好的例子,那就是我們客戶在淘寶交易上的平均支出。他們的 - 淘寶交易客戶的這種支出的增長率對於 - 對於那些 - NS 支出 - 對於中國零售市場的平均支出來說更大,這表明如果我們有人 - 如果我們給予人們多選,總體來說——阿里巴巴生態系統內的總支出會更大。所以這是一個很好的指標。而且——這就是我們將繼續投資淘寶優惠的原因。

  • And as to whether this has any impact on other players, I think it's very important that we -- on Taobao Deals, our goal and value proposition is very clear and straightforward and even simple. So we are confident the impact is coming and -- because for these customers, they just need a simple choice and price sensitive and price advantage. That's it. So we will strengthen this value proposition on Taobao Deals.

    至於這是否對其他玩家有任何影響,我認為非常重要的是我們——在淘寶特賣上,我們的目標和價值主張非常明確、直接,甚至簡單。所以我們相信影響即將到來,因為對於這些客戶來說,他們只需要一個簡單的選擇、價格敏感和價格優勢。而已。因此,我們將在淘寶特賣上加強這一價值主張。

  • While on Taobao Mobile App (sic) [Mobile Taobao App], our flagship, I think we provide more comprehensive offerings to different segment customers, and they will enjoy more selections and more fun. So the value proposition are quite different. And we are -- as I said, our goal is to build a metrics -- application metrics to serve the customers with different needs. Thank you. (foreign language)

    而在我們的旗艦手機淘寶(原文如此)[手機淘寶應用]上,我認為我們為不同細分客戶提供更全面的產品,他們將享受更多的選擇和更多的樂趣。所以價值主張是完全不同的。我們是——正如我所說,我們的目標是建立一個指標——應用程序指標來為具有不同需求的客戶提供服務。謝謝你。 (外語)

  • Robert Lin - IR

    Robert Lin - IR

  • Okay. Well, thank you, everyone, for joining today's call. We have all the materials that will be provided in our IR website. We look forward to meeting with you in the coming months. Please contact me and the IR team of Alibaba. Thank you.

    好的。好的,謝謝大家加入今天的電話會議。我們擁有將在我們的 IR 網站上提供的所有材料。我們期待在未來幾個月與您會面。請聯繫我和阿里巴巴的 IR 團隊。謝謝你。

  • Operator

    Operator

  • Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

    謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

  • [Portions of this transcript that are marked

    [此成績單中標記的部分

  • [Interpreted] were spoken by an interpreter present on the live call.]

    [口譯]由現場通話中的口譯員講話。]